41st Edition

This week in The Flippening, TL;DR

Decoding the events that led to the recent crash, and the recovery thereafter; this crypto exchange reaches a decacorn valuation after raising $150 million;  this European nation announces no taxation on BTC, ETH if held for more than 1 year; Coin of the week, market performance; Web3.0 social media is approaching fast! Gear up; featured Mudrex Coin Sets, memes, and more.

Top Highlights of the Week (ending 13th May)

Crypto market feels the heat following the LUNA and UST fiasco

The Luna Foundation Guard reached their $3bn BTC reserve target on the 5th of May.

Just 2 days after this goal was reached, there were massive withdrawals on a weekend (periods of low liquidity). This led to a fall in UST down to 0.98. However, market conditions on Monday morning worsened as the value of both LUNA & BTC (assets backing UST) began to fall. It ultimately led to TerraUSD reaching its lowest point at around 15 cents. Binance announced delisting of LUNA after it reached almost 0.
However, markets recovered on Friday and most of the top cryptocurrencies bounced back strongly!

Crypto Exchange Kucoin Reaches Decacorn Status- Raises $150 Million At $10 Billion Valuation

KuCoin's market capitalisation has surpassed $10 billion due to a $150 million financing round headed by Jump Crypto. KuCoin plans to use the funds to expand its footprint in Web3, beyond its current centralised trading platforms.

Germany won’t tax Bitcoin, Ethereum sold after one year of possession

Good news coming from Germany as it announces not to tax gains from Bitcoin, Ethereum if they are held for more than 1 year. Moreover, staking rewards won't also be taxed for the similar duration. It goes to show that despite the minor hiccups, nations are gradually moving towards a wide scale adoption.

Other Highlights:

• Ethereum NFTs come to Instagram this week and Facebook is next: Read it here
• Flow Blockchain raises $725 M ecosystem fund from DCG, a 16z and others: Read it here
• Madonna launches first NFT with Beeple and they’re NSFW: Read it here
• El Salvador President says country spent $15M on latest Bitcoin Dip: Read it here

Disclaimer: All price movements are recorded up to 10:00 AM UTC

The cryptocurrency market went into a downward spiral following the fiasco around LUNA and UST. Although it might seem to be a bearish phase, it is nothing but a blip on a larger timeframe. Towards the end of the week, we saw a massive recovery across the spectrum.

Disclaimer: All price movements are recorded up to 10:00 AM UTC

The past few days gave the glimpse of a crypto winter. However, on a sectoral POV, things remained relatively less affected. Such scenarios provide the perfect time to get hold of fundamentally strong assets. With Mudrex Coin Sets, you can invest across different sectors in one click! 

Coin of the week

ETHER: $ETH

ETH has made it to our coin of the week considering the current market scenario and the fundamentally strong feature of the largest altcoin. It can be stated without an iota of doubt that Ethereum being the most widely used blockchain, its native currency, ETH, is a long term must have asset in your crypto portfolio. At current valuations, ETH is undoubtedly a good addition!

 Crypto simplified

Blockchains provide the first step toward addressing the power imbalance in the current social media landscape. It’s a public ledger in which laws (smart contracts) are publicly accessible and certain. The current social media is too heavily imbalanced with the likes of a few organizations controlling the landscape and impacting the billions of users!

Web 3 is something we have heard about these days a lot. From just the intent of sharing information, Web 1.0 started. Later came Web 2.0, where people were more widely interacting with each other through wikis, blogs, and social media. The era of Web 3.0 to take over the characterized by decentralization. Cryptocurrency and blockchain have been growing in dominance, leading to the rise of Web 3.0 with the help of decentralized networks. These technologies also transform the internet movement on how we use social media and networks.

Web 3.0 is not only about the new internet but is a vision of decentralization where content will regain its power. Even though this might hamper the Web2-based business models, it can fasten up the economic growth. Web 3.0 will give the content creators complete control over their content. Creators can keep a tap on numerous opportunities by rewarding the users for their participation, thus ushering in a new era of social networks.

Even though these are still early days for the social Web 3.0 space, projects are coming up to build decentralized products that align digital assets with social media. When we talk about the Aave-backed Lens Protocol, it is one of the projects prominently working to create a decentralized version of a social network. The protocol’s users will own everything as NFTs, from their profiles to the content they share, down to social interactions such as Like or Follow, which can let them monetize the digital assets in various ways.  

Featured - Mudrex Coin Sets

Mudrex Coin Sets are built in order to capitalize the power of diversification across sectors and tokens.

Crypto Bluechip:- Markets are down and this is the perfect opportunity to dive into the Blue chips. The Crypto Blue Chip Coin Set can be considered an all-weather basket of tokens that will add value to any crypto portfolio.

Smart Contract Platforms:- This Coin Set invests in tokens of platforms to build the smart contract infrastructure. Adding such potential tokens to your portfolio can offer stable investment opportunities for long term investors. ‍

Web 3.0:- Web 3.0 has a potential for taking the Internet to the next level with its decentralization characteristics. This Coin Set picks the 6 top tokens working towards building a Web 3.0 ecosystem.

Here we are, at the end of our 41st edition. We hope you liked reading it. Please write back with your feedback, comments, and stuff that you’d like us to include in the newsletter. We leave you with a take on the current state of the erstwhile third largest stablecoin. Stay tuned!